Gautam Adani replaces Mukesh Ambani as richest Asian: Bloomberg

Billionaire and Adani Group chairman Gautam Adani has become the richest Asian once again, surpassing Reliance Industries chairman-MD Mukesh Ambani, according to the Bloomberg Billionaires Index.

Gautam Adani currently has a net worth of $111 billion and is the world’s 11th richest person, the index said. Mukesh Ambani, with a net worth of $109 billion, is 12th on the list. The turn of events followed a rise in stock prices of the Adani Group’s listed companies. In 2024 so far, Adani’s net worth has grown by $26.8 billion and Ambani’s net worth has surged by $12.7 billion, the index added.

The Adani Group is also now the third business conglomerate from India to cross the $10 billion mark in operating profits after Tata and Reliance. Adani scaled that mark in the fiscal year 2023-’24 (FY24) despite fighting steep policy rates, economic uncertainties around the world and market challenges that cropped up owing to allegation of malpractices in a report by the American investment research firm, Hindenburg Research. On a year-on-year basis in FY24, the Adani Group’s Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) climbed 45 per cent.

Adani had earlier become Asia’s richest person in 2022. However, his fortunes took a temporary beating in January 2023 following a damaging report by Hindenburg Research, which claimed Adani had amassed his riches through fraud. Subsequently, prices of Adani stocks crashed by $150 billion and Gautam Adani lost his place in the list of the top 20 billionaires in the world. Adani has denied all charges.

On Friday, Adani Group shares rallied up to 14 per cent propped by big volumes on the BSE, and were in demand all through the intra-day trade. Shares of the group’s various entities that saw a rise ranging from 3 per cent to 14 per cent in the course of the day were Adani Enterprises, Adani Power, Adani Total Gas, Adani Energy Solutions, Adani Green Energy, Adani Wilmar, ACC, Ambuja Cements, NDTV, and Adani Ports and Special Economic Zone. A boost of Rs 84,064 crore in market value saw capitalisation of 10 listed companies of the group surge to Rs 17.51 lakh at close of trading on the same day.

Gautam Adani launched his first business in 1988 with an import-export venture in the commodities sector. The 61-year-old tycoon’s cumulative wealth rose to $121 billion in 2022 and he was the second richest person in the world in September 2022.